Scotiabank is implementing a new global standard for parental leave across its global footprint by 2025.
The enhanced offering will include eight fully paid weeks for all parents welcoming a new child, such as adoptive parents, and eight additional fully paid weeks for parents who’ve given birth.
The enhancements to the parental leave policy, which will take effect in Canada in 2023, will be rolled out this year in several Caribbean countries, including the Bahamas, Cayman Islands, Trinidad and Tobago and Turks and Caicos. By 2025, it will be implemented for Scotiabank employees in 24 countries around the globe, including Chile, Colombia, Mexico and Peru.
“At Scotiabank, we believe that providing parental leave for all parents enables our employees to focus on their family and personal well-being thereby bringing their best selves to the workplace,” said Dominic Cole-Morgan, the bank’s senior vice-president of total rewards, in a press release.
In addition, new family benefits will be available to employees in Canada on April 1. As part of the bank’s core coverage, eligible employees will be covered for fertility treatments and adoption and surrogacy supports.
The new benefits follow on the heels of enhancements made in March 2020 for Canadian employees. Also beginning on April 1, employees and their eligible dependants in Canada will have $10,000 in mental well-being services as part of their core coverage. The mental well-being enhancements were announced in November 2021 and include services such as clinical counsellors, internet-based cognitive behavioural therapy and psychologists.